FG Stops Loan Apps From Having Access To Customers' Contacts

-


Online banks/ loan apps have been barred by the Federal Government from having access to customers' photos or contacts from May 31, 2023

This is followed by the Federal Government's decision to enforce the latest policy by Google, saying the action is consistent with the Nigerian authorities’ move to curtail the invasion of customers’ privacy by loan app firms.

The Federal Government had in recent time taken major decisions aimed at tackling the violation of customers’ privacy by loan apps. Notably, the Federal Competition and Consumer Protection Commission had recently registered 170 loan apps out of the 200 operating in the country.

Google, in its April 2023 policy updates, said the new policy update would provide respite for loan app users in Nigeria and other places that have become accustomed to crude loan retrieval methods employed by a majority ofapps.

Google said, “Policy preview (effective May 31, 2023): This article previews changes included in our April 2023 policy updates.

“We are updating our personal loans policy to state that apps aiming to provide or facilitate personal loans may not access user contacts or photos.

“We are introducing additional requirements for personal loan apps targeting users in Pakistan. Personal loan apps in Pakistan must submit country-specific licensing documentation to prove their ability to provide or facilitate personal loans.”

Comments

Post a Comment

Popular posts from this blog

Mutual Benefits Assurance Plc Gets New Directors

-
Image
  Mutual Benefits Assurance Plc has announced the appointment of four new members to its board of directors. According to a statement by the firm, the new members of the board are Lateef Bakare and Wunmi Eniola-Jegede, who joined as independent non-executive directors, and Messrs. Joseph Oladokun and Adebiyi Ashiru-Mobolaji, who were appointed as executive directors. The underwriting firm revealed that Bakare is a chartered accountant with over 45 years of post-qualification experience. He retired in 1991 as the Quality Assurance Partner at Deloitte. It gurther disclosed that Eniola-Jegede is currently the executive director, business development, strategic planning & human resources at SIFAX Group. According to the statement,  Eniola-Jegede's competencies include business development, strategic planning, project management, business strategy, and organisational development. Prior to Oladokun's appointment, he was the general manager technical of Mutual Benefits Assurance.
Read more

Kwara Government Adopts Tech Innovation To Boost Businesses

-
Image
As a way of boosting businesses and supporting youths in the country, the Kwara Government has adopted use of technology and innovation.  Temi Kolawole, the Managing Director, Ilorin Innovation Hub, revealed this in Ilorin on Thursday at the Ecosystem Engagement on the adoption of the Nigeria Startup Act (NSA) in the state. According to Kolawole, the plan is to move more people from the informal sector to formal sector via tecchnolgy to run their businesses. “We have a very well structured business environment in Kwara. With the introduction of Startup Act, there is hope for Kwara youths. “We wanted to bring in innovation and technology to ease of doing businesses and make life better for Kwara citizens,” he said. He further explained that there are over 100,000 self employed youths across the state who can be upgraded. He said it would take six months to implement the Startup Act and capture young businessmen in the state. “Through capacity building and training, we will surely get th
Read more

Union Bank Grows Gross Earnings By 19 Per Cent

-
Image
For the 2022 financial period, Union Bank of Nigeria Plc has disclosed that its gross earnings rose up 19 per cent to N208.2 billion from N175.0 billion in the corresponding period of 2021. The bank made this known in its Group audited financial statements for the year ended December 31, 2022, adding that the growth was driven by strong growth in net interest income. The Group’s net interest income increased by 33 per cent to N59.1billion in 2022 from N44.3 billion in 2021, driven by growth in earning assets, while net operating income after impairments went up by 10 per cent to N110 billion from N99.7 billion in 2021, and profit before tax rose by 47 per cent to N30.2billion in 2022 from N20.5 billion in 2021 respectively. Commenting on the results, the Managing Director/Chief Executive Officer, Mudassir Amray, said, “Despite the macroeconomic headwinds of 2022, we recorded strong performance across key financial and operational indicators. “We were focused on our strategy of deepenin
Read more